Business
Published Thu Nov 15 2018 16:53:33 GMT+0000 (Coordinated Universal Time)
A focus on businesses & technologies in southern N.E. & Top US
Trader Joe's says no to changing ethnic-sounding label names
The popular grocery chain Trader Joe's says it won't be changing ethnic-sounding labels on its line of Mexican, Chinese and other international foods, adding they are not racist. Earlier this month the company said it was looking at changing some labels. Now it says it has no problem with ethnic food labels like Trader Jose's and Trader Ming's. The company says the name were created years ago in a lighthearted effort to promote inclusion and that customers still like them. A change.org petition demanding the change had gathered more than 5,000 signatures by Friday.
Trump moves against Chinese owners of TikTok and WeChat apps
President Trump broadly prohibits unspecified ‘transactions’ with Chinese owners of TikTok and WeChat via executive order in 45 days. Trump had threatened a deadline of Sept. 15 to “close down” TikTok unless Microsoft or “somebody else” bought it. TikTok, which is owned by ByteDance, Microsoft and Tencent, which owns WeChat, had no immediate replies to questions. U.S. Secretary of State Mike Pompeo on Wednesday had said that the U.S. government was expanding its crackdown on Chinese technology because of alleged security threats, including to personal apps, and called out TikTok and WeChat by name.
Environmental groups sue to block Alaska's Arctic drilling
Environmental groups filed lawsuits aimed at halting efforts by the Trump administration to open up wide swaths of Alaska’s Arctic to oil drilling. Two separate lawsuits were filed late Monday challenging a plan to allow drilling on more than 18 million acres of land in the National Petroleum Reserve-Alaska. The legal actions contend the administration is rolling back protections for the ecosystem. The lawsuits came the same day environmental groups filed legal challenges to the opening of the coastal plain of the Arctic National Wildlife Refuge to oil and gas lease sales. Industry officials say such actions could keep the nation from embracing its energy potential.
Administration: 70% of relief payments to the dead recovered
The Trump administration says that it has recovered nearly 70% of the relief payments that went to dead people. The Government Accountability Office said Monday that it had been told by the Treasury Department that it had recovered nearly 70% of the $1.6 billion in relief payments that had mistakenly gone to dead people.money had been recovered. The economic stimulus payments included payments of $1,200 for individuals who had income levels low enough to qualify and were were part of a $2.6 trillion bailout package lawmakers passed in March.
Judge: Purdue Pharma must halt some political contributions
A federal bankruptcy judge has ruled that OxyContin maker Purdue Pharma is not allowed to contribute money to organizations aimed at the election efforts for state attorneys general. But Judge Robert Drain said the company can continue giving to some other political groups. Advocates cried foul earlier this month when it was revealed that the company had made $185,000 in political contributions after declaring bankruptcy. They were particularly troubled because the company is negotiating a settlement of lawsuits over the toll of its opioid painkillers with attorneys general from across the country.
Ferrari lowers guidance after Q2 profits nearly wiped out
Italian sportscar maker Ferrari has lowered its full year earnings guidance after reporting second-quarter profits were nearly wiped out by temporary halts in production and delivery due to the coronavirus. The automaker reported on Monday just 9 million euros ($10.5 million) in net profit for the April-June period, which coincided with Italy’s strict lockdown. That is a 95% drop from the same quarter of 2019. Shipments were down by half, to 1,389 cars from 2,671 a year earlier. Ferrari resumed full production on May 8. Revenues were down 42%.
Ponzi king Madoff's brother released from home confinement
The younger brother of Ponzi king Bernard Madoff has been released from home confinement and from federal custody. The Bureau of Prisons says Friday that Peter Madoff was released from home confinement on Thursday. He had been transferred to home confinement from the Federal Correctional Institution in Miami in November 2019. Madoff had pleaded guilty to falsifying documents and lying to regulators as part of his brother’s Ponzi scheme and was sentenced to 10 years in prison. His brother pleaded guilty to fraud charges after his multi-decade fraud cost thousands of investors roughly $20 billion they had trusted with him.
Brazil legislators press president to keep ethanol tariff
A group of Brazilian lawmakers made a final push Thursday to try to convince President Jair Bolsonaro not to reduce tariffs on American ethanol, a major Trump administration request.Bolsonaro has until Monday to decide whether he will renew or terminate a 20% tariff on ethanol imposed on every gallon after the country after imports a tariff-free quota of 198 million gallons. While U.S. diplomats and corn producers push for a zero-duty exemption for American ethanol from tariffs, Brazilian congressmen tied to the sugarcane industry have lobbied for the end of the quota and the reinstating of a 20% tariff on all imported ethanol.
Q&A: What would a US ban on Chinese-owned app TikTok mean?
President Donald Trump says he wants to take action as soon as Saturday to ban the popular Chinese-owned video app, TikTok, which has been a source of national security and censorship concerns. The threat comes as Microsoft Corp. is in advanced talks to buy the Chinese app, owned by Bytedance Ltd. That's according to a person familiar with the discussions who spoke only on condition of anonymity because of the sensitivity to the negotiations. Microsoft has declined to comment. It’s not clear whether Trump would accept a divestment as a concession.
Big Nevada gold mine expansion on hold in face of opposition
Facing fierce opposition from conservationists and tribal leaders on multiple fronts, Nevada’s largest mining company has suspended its proposed expansion of what would become one of the biggest gold mines in the world. Environmentalists are cheering Nevada Gold Mines' decision to put the brakes on the proposed expansion of Elko County's Long Canyon Mine about 30 miles from the Utah line. They say the expansion could prove catastrophic to wildlife, cultural resources and nearby springs. Nevada Gold Mines is a joint venture Newmont and Barrick Goldstrike formed last summer. It says it wants to do additional studies and planning to reduce the project's impacts.